Other
Estate Tax Change
Date:
December 17, 2010
Who:
IRS
Policy Area:
Fiscal Policy
Economic Target:
Consumers
Economic Target:
Other
Action Type:
Tax Break
Maximum Amount:
$68.15 billion
Deficit Impact:
$68.15 billion The tax cut package included a lower estate and gift taxes for the next two years, providing a higher exemption threshold and a lower rate for estate and gift transfers beyond that threshold. The exemption was raised to $5 million and the rate set at 35 percent, compared to a $1 million exemption and 55 percent rate as previously scheduled under current law for 2011 and lower than the Administration's initial proposal of a $3.5 million exemption and a 45 percent tax rate beyond that.
Source:
Notes:
Maximum amount and deficit impact represent peak and net cost of this provision--which are the same--from 2011-2020.
Continuing Extension Act of 2010
Date:
April 15, 2010
Who:
Dept. of Labor
Policy Area:
Fiscal Policy
Economic Target:
Other
Action Type:
Direct Spending
Maximum Amount:
$13.91 billion
Amount Spent:
$13.91 billion
Deficit Impact:
$13.91 billion The Continuing Extension Act of 2010 extended unemployment benefits for previously unemployed workers for an additional two months, extending the benefit until the beginning of June.
Notes:
None of the provisions of this bill were offset, as they were deemed "emergency" spending to lawmakers which exempts the bill from having to be offset under current PAYGO rules. Thus, the maximum amount and deficit impact reflect cumulative spending and reduced revenue over the 2010-2011 period.
Tax Credit Bonds
Date:
March 18, 2010
Who:
IRS
Policy Area:
Other
Economic Target:
Other
Action Type:
Tax Break
Maximum Amount:
$2.29 billion
Amount Spent:
$2.29 billion
Deficit Impact:
-$0.16 billion The Hiring Incentives to Restore Employment Act included tax credits on qualifying bonds.
Also included in the Hire Act were provisions creating incentives for hiring unemployed workers.
Notes:
Maximum amount reflects the lost revenue from the tax provisions over a 10-year period. Deficit impact reflects the total net cost of the provision in proportion to the total net cost of -$1.1 billion for the bill. Offsets totaled $16.7 billion, stemming largely from foreign account tax compliance and a delay in implementing worldwide interest expense allocation until 2020.
Amount spent unknown.
Incentives for Hiring Unemployed Workers
Date:
March 18, 2010
Who:
IRS
Economic Target:
Other
Action Type:
Tax Break
Maximum Amount:
$12.96 billion
Amount Spent:
$12.96 billion
Deficit Impact:
-$0.66 billion The Hiring Incentives to Restore Employment Act included several tax provisions aimed at providing tax breaks for companies and organizations that hire previously unemployed workers. The bill excludes employers from paying the 6.2 percent in federal payroll taxes for the rest of 2010 on new employees they hire who have been previously unemployed for over two months. The bill also allows employers to receive a $1,000 tax credit for each of these new hired employees if they are still with the same employer after a year.
Notes:
Maximum amount and amount spent reflect the lost revenue from the tax provisions over a 10-year period. Deficit impact reflects the total net cost of the provision in proportion to the total net cost of -$1.1 billion for the bill. Offsets totaled $16.7 billion, stemming largely from foreign account tax compliance and a delay in implementing worldwide interest expense allocation until 2020.
Temporary Extensions Act of 2010
Date:
March 2, 2010
Who:
Dept. of Labor
Policy Area:
Fiscal Policy
Economic Target:
Other
Action Type:
Direct Spending
Maximum Amount:
$8.02 billion
Amount Spent:
$8.02 billion
Deficit Impact:
$8.02 billion As part of the Temporary Extension Act of 2010, unemployment benefits were extended for another month, raising the maximum number of eligible weeks in which unemployed workers can receive benefits up from 99 to 103.
Extended unemployment insurance benefits were originally passed as part of the American Recovery and Reinvestment Act.
Notes:
Other minor spending provisions were also included in the legislation. The deficit impact reflects the net change in the deficit from unemployment insurance.
Maximum amount reflects total increased outlays and reduced revenues for the provision over the 2010-2020 period.
Unemployment Insurance Extensions
Who:
Dept. of Labor
Policy Area:
Fiscal Policy
Economic Target:
Other
Action Type:
Direct Spending
Maximum Amount:
$69.64 billion
Amount Spent:
$69.64 billion
Deficit Impact:
$67.06 billion Several bills since November 2009 have extended the duration in which unemployed workers can receive unemloyment insurance benefits, originally extended as part of the American Recovery and Reinvestment Act. So far, lawmakers have extended unemployment benefits 3 times since ARRA was passed in February 2009, raising the maximum number of eligible weeks from 59 to over 99.
Source:
Notes:
Worker, Homeownership, and Business Assistance Act
Date:
November 6, 2009
Who:
Dept. of Labor
Policy Area:
Fiscal Policy
Economic Target:
Other
Action Type:
Direct Spending
Maximum Amount:
$2.42 billion
Amount Spent:
$2.42 billion
Deficit Impact:
-$0.16 billion This provision would further extend unemployment benefits under the stimulus act, allowing 14 additional weeks of collections across the board. In high unemployment states, this measure will provide 14 extra weeks of benefits for all individuals but 20 for those in the high unemployment states, bringing the total number of weeks to receive unemployment benefits from 59 to 79.
Notes:
Maximum amount and amount spent reflect projected cost - which will be spent in 2010. Deficit impact based on CBO calculation of ten-year deficit impact (http://finance.senate.gov/sitepages/leg/LEG%202009/103009_CBO_Estimates.pdf).
Other Spending Provisions
Date:
February 17, 2009
Who:
Congress
Policy Area:
Fiscal Policy
Economic Target:
Other
Action Type:
Direct Spending
Maximum Amount:
$26.00 billion
Amount Spent:
$9.19 billion
Deficit Impact:
$26.00 billion Provisions are part of the $787 billion "American Recovery and Reinvestment Act of 2009," a set of policies designed to mitigate the effects of the economic crisis. The act contains significant spending for direct worker assistance, infrastructure, healthcare, education, aid to states, and other areas, and tax breaks for individuals and corporations.
Notes:
Positive numbers in table indicate spending, negative numbers indicate savings or revenue. Maximum amount is taken from CBO's calculation of budget authority over the 2009-2019 period. Deficit impact is taken from CBO's deficit impact calculation for 2009-2019. Amount spent as of 11/3/2012.
Other Tax Provisions
Date:
February 17, 2009
Who:
IRS
Policy Area:
Fiscal Policy
Economic Target:
Other
Action Type:
Tax Break
Maximum Amount:
$71.00 billion
Amount Spent:
$21.00 billion
Deficit Impact:
$71.00 billion Provisions are part of the $787 billion "American Recovery and Reinvestment Act of 2009," a set of policies designed to mitigate the effects of the economic crisis. The act contains significant spending for direct worker assistance, infrastructure, healthcare, education, aid to states, and other areas, and tax breaks for individuals and corporations.
Notes:
Positive numbers in table indicate spending, negative numbers indicate savings or revenue. Maximum amount is the peak cumulative cost of a provision over the period 2009-2019, though the provision may eventually cost less by 2019. Deficit impact is the final cost of a provision from 2009-2019. Amount spent reflects CRFB calculated continuations of disbursal rates since last reported on Recovery.gov in December 2010, and extrapolated to the present by CRFB staff.
*In the January 2010 baseline (http://www.cbo.gov/ftpdocs/108xx/doc10871/01-26-Outlook.pdf), CBO estimated an additional $26 billion would be made available for the Build America Bonds (part of the "Infrastructure Financing Tools" category above.
Education
Date:
February 17, 2009
Who:
Congress
Policy Area:
Sector Policy (Non-Financial)
Economic Target:
Other
Action Type:
Direct Spending
Maximum Amount:
$103.00 billion
Amount Spent:
$97.36 billion
Deficit Impact:
$103.00 billion Provisions are part of the $787 billion "American Recovery and Reinvestment Act of 2009," a set of policies designed to mitigate the effects of the economic crisis. The act contains significant spending for direct worker assistance, infrastructure, healthcare, education, aid to states, and other areas, and tax breaks for individuals and corporations.
Notes:
Positive numbers in table indicate spending, negative numbers indicate savings or revenue. Maximum amount is taken from CBO's calculation of budget authority over the 2009-2019 period. Deficit impact is taken from CBO's deficit impact calculation for 2009-2019. Amount spent as of 11/3/2012.
